SCF's Board to adopt updated investment program for 2011-2017
The Board of Directors of Sovcomflot will adopt at a meeting this September the updated investment program of the Company for the period of 2011-2017, the Group’s President & CEO said on Thursday. Mr. Sergy Frank said in an interview with reporters at the St. Petersburg Economic Forum the Sovcomflot’s portfolio of investments will reach $ 5,5 billion.
Sergey Frank noted that Sovcomflot adopting the long-term investment plan will focus on its priorities. The industry is facing hard times, he said, so there is a need to overhaul the company's investment program, which includes newbuildings and other projects.
In 2010, the Group put into service 13 new vessels, including 3 Aframax and 4 Suezmax tankers, 2 Arctic Panamax size shuttle tankers, one icebreaking OSV and other vessels. In June 2011, SCF Group awarded STX Offshore & Shipbuilding with an order for two ice-class LNG carriers.
St.Petersburg-headquartered Sovcomflot (SCF Group), the biggest shipping company in Russia, ranks the fifth top tanker company in the world. The Company specializes in global transportation of crude oil, petroleum products and other energy sources. The Group's fleet comprises 156 vessels of total deadweight of nearly 12 million tons, the average age of the tanker fleet is 6,6 years. SCF’s newbuildings program includes 15 vessels (DWT 1,73 million). The company's offices are located in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid and Singapore.